economy in the late 1920s stock market increased value unemployment below 4% “everybody ought to...
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•ECONOMY IN THE LATE 1920S•Stock market increased value•Unemployment below 4%•“Everybody ought to be rich”•John Raskob•invest
Chapter 16 Crash and Depression 1929-1933 (pages
474-504)
Business begin Welfare Capitalism
Increased WagesHealthcarePaid Vacations
Signs of Trouble
Uneven riches-rich get richer and poor get poorer
Mainly Big Businesses80% of Families had no savingsBuying on credit
New appliancesInstallment buying
Playing the Market
Life SavingsBuy on the Margin-CreditToo many Goods, too little demand
Farmers had hard timesDecreased demand for food overseas
The Stock Market Crash
Stocks valued higher than their worthStock prices drop-buyers become worriedOct. 29, 1929 stocks plummet
People try to sell stocksSome people lost money others lost
their life savingsBrokers and Banks call in loans
Effects of the Crash
Ripple effectFactories closeUnemploymentSmall businesses hurtAgricultural prices decreaseBanks collapse
Rush of depositors
U.S. Depression Affects the World
Allies had to pay war debtsGermany had to reparations but couldn’t without U.S. help
Tariffs high on Imports could not sell goods
Global downward spiral
Social Effects of the Depression
Affected White collar and Blue collar workers
Hoovervilles-shanty townsFarm Distress
Decreased prices Sharecroppers and tenant Farmers kicked out Destroyed goods Dustbowl
Drought/dust storms on the Great Plains Left farms and moved to California for
migrant farmer jobs
The Dust Bowl
The Dust Bowl
Health Problems
Lack of Food-Sickly people, especially children
Grew food in the SouthTried to sell odds and endsPicked trash cans
Family Problems
Moved in togetherMen felt like failures-ashamedMarriages postponedWomen worried about feeding kidsMen thought women were taking their jobs
Discrimination Increased
African Americans moved north as janitors and porters
Had to get private help-Government discriminated
Southerners said African Americans stole white jobs Lynchings increased Denied civil rights Scotsboro boys
Surviving the Great Depression
People helped each otherFarmers bought farms and gave them back to their owners
Moves to the leftSome became socialists but not many
Looking Ahead Humor-Hoover blankets etc
Prohibition Repealed
21st AmendmentIncreased production in some industries
Empire State BuildingEnd of an Era The Babe, Al Capone, Henry Ford, and Calvin Coolidge
Election of 1932: A Turning Point in History
Hoover’s Voluntary ActionHoover DamTariffsJohn Maynard KeyesVeteran’s March
Bonus Army
The Bonus Army
The New Deal
FDR Harvard New York State Senate Assistant Secretary of the Navy Polio Became Governor
FDR
Political Cartoon
Eleanor Roosevelt
Teddy’s niece and FDR’s distant cousin
Worked at settlement houseWomen’s RightsMany people voted against Hoover
Eleanor